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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net earnings $ 228,574 $ 226,153
Adjustments to reconcile net earnings to cash provided by operating activities:    
Depreciation and amortization 77,896 79,003
Stock-based compensation expense 12,282 11,113
Reclassification of foreign currency translation losses to earnings 0 5,915
Other, net 6,188 (5,593)
Cash effect of changes in assets and liabilities:    
Accounts receivable, net 64,929 (97,220)
Inventories (29,213) (136,722)
Prepaid expenses and other assets (30,944) (23,524)
Accounts payable (30,271) 58,484
Accrued compensation and employee benefits (98,791) (98,602)
Accrued expenses and other liabilities 16,553 (1,463)
Accrued and deferred taxes, net 24,081 6,139
Net cash provided by operating activities 241,284 23,683
Investing Activities:    
Additions to property, plant and equipment (48,375) (50,381)
Proceeds from sale of property, plant and equipment 2,007 3,177
Other 2,812 241
Net cash used in investing activities (43,556) (46,963)
Financing Activities:    
Change in commercial paper and other short-term borrowings, net (221,205) 7,778
Dividends paid to stockholders (70,773) (72,203)
Payments to settle employee tax obligations on exercise of share-based awards (12,987) (10,046)
Other (1,600) (733)
Net cash used in financing activities (306,565) (75,204)
Effect of exchange rate changes on cash and cash equivalents 395 2,964
Net decrease in cash and cash equivalents (108,442) (95,520)
Cash and cash equivalents at beginning of period 380,868 385,504
Cash and cash equivalents at end of period $ 272,426 $ 289,984